ON24 (NYSE:ONTF) Updates Q2 2024 Earnings Guidance

ON24 (NYSE:ONTF) issued an update on its second quarter 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 0.000-0.020 for the period, compared to the consensus EPS estimate of 0.010. The company issued revenue guidance of $35.8 million-$36.8 million, compared to the consensus revenue estimate of $36.2 million. ON24 also updated its FY 2024 guidance to 0.030-0.070 EPS.

ON24 Price Performance

Shares of ON24 stock opened at $6.76 on Wednesday. The business has a 50-day moving average of $6.84 and a 200 day moving average of $7.14. ON24 has a 12 month low of $5.73 and a 12 month high of $9.55. The stock has a market capitalization of $282.77 million, a price-to-earnings ratio of -5.88 and a beta of 0.49.

ON24 (NYSE:ONTF) last posted its quarterly earnings results on Thursday, February 22nd. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.25). The company had revenue of $39.34 million during the quarter, compared to analyst estimates of $37.29 million. ON24 had a negative net margin of 31.63% and a negative return on equity of 18.49%. During the same period in the prior year, the business earned ($0.23) EPS. Equities research analysts anticipate that ON24 will post -0.6 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group decreased their price target on ON24 from $10.00 to $9.00 and set a hold rating on the stock in a research note on Friday, February 23rd.

Insider Transactions at ON24

In related news, Director Dominique Trempont sold 4,250 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $8.12, for a total transaction of $34,510.00. Following the transaction, the director now directly owns 287,185 shares of the company’s stock, valued at $2,331,942.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Dominique Trempont sold 4,250 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $8.12, for a total transaction of $34,510.00. Following the completion of the sale, the director now owns 287,185 shares in the company, valued at approximately $2,331,942.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Steven Vattuone sold 10,376 shares of the company’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $8.15, for a total value of $84,564.40. Following the sale, the chief financial officer now owns 396,398 shares of the company’s stock, valued at approximately $3,230,643.70. The disclosure for this sale can be found here. Insiders have sold 88,970 shares of company stock valued at $651,711 over the last three months. Company insiders own 27.30% of the company’s stock.

About ON24

ON24, Inc provides a cloud-based intelligent engagement platform that enables businesses to convert customer engagement into revenue through interactive webinar, virtual event, and multimedia content experiences worldwide. The company provides ON24 Elite, for live and interactive webinar experience; ON24 Breakouts, for live breakout room experience that facilitates networking, collaboration, and interactivity between users; ON24 Forums, for live and interactive experience, which facilitates video-to-video interaction between presenters and audiences; ON24 Go Live, for live and interactive video event experience that enables presenters and attendees to engage face-to-face in real-time; and ON24 Virtual Confrence, for live and large scale managed virtual event experience.